Pension and Benefit Plans. (a) Except as set forth in Schedule "N", each of the Group Entities and their respective Subsidiaries does not maintain or contribute to, is not required to maintain or contribute to, is not a party to, or bound by, and has no liability or contingent liability under any Pension Plan or Benefit Plan. (b) All Pension Plans and Benefit Plans are established, registered, funded, invested, administered, operated and maintained under, and in material compliance with, all requirements of Applicable Law, including all Pension and Benefit Laws. (c) No Pension Plan is a defined benefit Pension Plan and, for avoidance of doubt, no Pension Plan contains a "defined benefit provision" as such term is defined in subsection 147.1(1) of the Income Tax Act (Canada). No Pension Plan is a multi-employer pension plan as defined under the provisions of any applicable Canadian federal or provincial legislation. (d) All employer and employee payments, contributions, premium and other payments, reports, returns and filings required to be made, remitted or paid under Pension and Benefit Laws in respect of Pension Plans and Benefit Plans have been made, remitted or paid and, where applicable, all such plans are fully funded both on a going concern basis and on a solvency basis pursuant to their most recent actuarial valuations filed with the applicable Governmental Authority and in accordance with applicable Pension and Benefit Laws. All post-retirement benefit liabilities (if any) under Pension Plans and Benefit Plans have been properly identified in the Borrower's consolidated financial statements provided to the Agent, and there are no going concern, past service or solvency deficiencies under any defined benefit Pension Plan. (e) In respect of any Pension Plans which are registered pension plans within the meaning of the Income Tax Act (Canada), to the best of the knowledge of the Borrower and the Guarantors, no steps have been taken to terminate or wind up any such plans (wholly or in part) there have been no unauthorized merger of such plans, no unauthorized withdrawal of funds from such plans and no improper contribution holidays taken in respect of such plans. (f) There are no actions, claims or proceedings existing, pending or, to the knowledge of the Borrower, threatened against any Pension Plan, Benefit Plan or the assets of any such plan which could be reasonably expected to have a Material Adverse Effect. (g) No Group Entity or ERISA Affiliate has incurred or could be reasonably expected to incur any liability to, or on account of, a Multiemployer Plan as a result of a violation of Section 515 of ERISA or pursuant to Section 4201, 4204 or 4212(c) of ERISA, or is subject to withdrawal liability pursuant to Section 4063 of ERISA, or has incurred any liability as a result of ceasing to make contributions to any Pension Plan which could reasonably be expected to result in a Material Adverse Effect.
Appears in 2 contracts
Samples: Credit Agreement (McEwen Mining Inc.), Credit Agreement (McEwen Mining Inc.)
Pension and Benefit Plans. (a) Except as set forth in Schedule "“N"”, each of the Group Entities and their respective Subsidiaries does not maintain or contribute to, is not required to maintain or contribute to, is not a party to, or bound by, and has no liability or contingent liability under any Pension Plan or Benefit Plan.
(b) All Pension Plans and Benefit Plans are established, registered, funded, invested, administered, operated and maintained under, and in material compliance with, all requirements of Applicable Law, including all Pension and Benefit Laws.
(c) No Pension Plan is a defined benefit Pension Plan and, for avoidance of doubt, no Pension Plan contains a "“defined benefit provision" ” as such term is defined in subsection 147.1(1) of the Income Tax Act (Canada). No Pension Plan is a multi-employer pension plan as defined under the provisions of any applicable Canadian federal or provincial legislation.
(d) All employer and employee payments, contributions, premium and other payments, reports, returns and filings required to be made, remitted or paid under Pension and Benefit Laws in respect of Pension Plans and Benefit Plans have been made, remitted or paid and, where applicable, all such plans are fully funded both on a going concern basis and on a solvency basis pursuant to their most recent actuarial valuations filed with the applicable Governmental Authority and in accordance with applicable Pension and Benefit Laws. All post-retirement benefit liabilities (if any) under Pension Plans and Benefit Plans have been properly identified in the Borrower's ’s consolidated financial statements provided to the Agent, and there are no going concern, past service or solvency deficiencies under any defined benefit Pension Plan.
(e) In respect of any Pension Plans which are registered pension plans within the meaning of the Income Tax Act (Canada), to the best of the knowledge of the Borrower and the Guarantors, no steps have been taken to terminate or wind up any such plans (wholly or in part) there have been no unauthorized merger of such plans, no unauthorized withdrawal of funds from such plans and no improper contribution holidays taken in respect of such plans.
(f) There are no actions, claims or proceedings existing, pending or, to the knowledge of the Borrower, threatened against any Pension Plan, Benefit Plan or the assets of any such plan which could be reasonably expected to have a Material Adverse Effect.
(g) No Group Entity or ERISA Affiliate has incurred or could be reasonably expected to incur any liability to, or on account of, a Multiemployer Plan as a result of a violation of Section 515 of ERISA or pursuant to Section 4201, 4204 or 4212(c) of ERISA, or is subject to withdrawal liability pursuant to Section 4063 of ERISA, or has incurred any liability as a result of ceasing to make contributions to any Pension Plan which could reasonably be expected to result in a Material Adverse Effect.
Appears in 1 contract
Pension and Benefit Plans. (a) Except as set forth in Schedule "NH", each of the Group Entities and their respective Subsidiaries does not maintain no Loan Party maintains or contribute contributes to, or is not required to maintain or contribute to, or is not a party to, or bound by, and or has no liability or contingent liability under under, any Pension Plan or Benefit Plan.
(b) All Pension Plans and Benefit Plans are established, registered, funded, invested, administered, operated and maintained under, and in material compliance with, all requirements of Applicable Law, including all Pension and Benefit Laws.
(c) No Pension Plan is a defined benefit Pension Plan and, for avoidance of doubt, no Pension Plan contains a "defined benefit provision" as such term is defined in subsection 147.1(1) of the Income Tax Act (Canada). No Pension Plan is a multi-employer pension plan as defined under the provisions of any applicable Canadian federal or provincial legislation.
(d) All employer and employee payments, contributions, premium and other payments, reports, returns and filings required to be made, remitted or paid under Pension and Benefit Laws in respect of Pension Plans and Benefit Plans have been made, remitted or paid and, where applicable, all such plans are fully funded both on a going concern basis and on a solvency basis pursuant to their most recent actuarial valuations filed with the applicable Governmental Authority and in accordance with applicable Pension and Benefit Laws. All post-retirement benefit liabilities (if any) under Pension Plans and Benefit Plans have been properly identified in the Borrower's consolidated financial statements provided to the Agent, and there are no going concern, past service or solvency deficiencies under any defined benefit Pension Plan.
(e) In respect of any Pension Plans which are registered pension plans within the meaning of the Income Tax Act (Canada), to the best of the knowledge of the Borrower and the GuarantorsLoan Parties, no steps have been taken to terminate or wind up any such plans (wholly or in part) there have been no unauthorized merger of such plans, no unauthorized withdrawal of funds from such plans and no improper contribution holidays taken in respect of such plans.
(f) There are no actions, claims or proceedings existing, pending or, to the knowledge of the Borrower, threatened against any Pension Plan, Benefit Plan or the assets of any such plan which could be reasonably expected to have a Material Adverse Effect.
(g) No Group Entity or ERISA Affiliate Loan Party has incurred or could be reasonably expected to incur any liability to, or on account of, a Multiemployer Plan as a result of a violation of Section 515 of ERISA or pursuant to Section 4201, 4204 or 4212(c) of ERISA, or is subject to withdrawal liability pursuant to Section 4063 of ERISA, or has incurred any liability as a result of ceasing to make contributions to any Pension Plan which could reasonably be expected to result in a Material Adverse Effect.
Appears in 1 contract